AGL 38.54 Increased By ▲ 0.97 (2.58%)
AIRLINK 129.50 Decreased By ▼ -3.00 (-2.26%)
BOP 5.61 Decreased By ▼ -0.03 (-0.53%)
CNERGY 3.86 Increased By ▲ 0.09 (2.39%)
DCL 8.73 Decreased By ▼ -0.14 (-1.58%)
DFML 41.76 Increased By ▲ 0.76 (1.85%)
DGKC 88.30 Decreased By ▼ -1.86 (-2.06%)
FCCL 35.00 Decreased By ▼ -0.08 (-0.23%)
FFBL 67.35 Increased By ▲ 0.85 (1.28%)
FFL 10.61 Increased By ▲ 0.46 (4.53%)
HUBC 108.76 Increased By ▲ 2.36 (2.22%)
HUMNL 14.66 Increased By ▲ 1.26 (9.4%)
KEL 4.75 Decreased By ▼ -0.11 (-2.26%)
KOSM 6.95 Increased By ▲ 0.10 (1.46%)
MLCF 41.65 Decreased By ▼ -0.15 (-0.36%)
NBP 59.60 Increased By ▲ 1.02 (1.74%)
OGDC 183.00 Increased By ▲ 1.75 (0.97%)
PAEL 26.25 Increased By ▲ 0.55 (2.14%)
PIBTL 5.97 Increased By ▲ 0.14 (2.4%)
PPL 146.70 Decreased By ▼ -1.70 (-1.15%)
PRL 23.61 Increased By ▲ 0.39 (1.68%)
PTC 16.56 Increased By ▲ 1.32 (8.66%)
SEARL 68.30 Decreased By ▼ -0.49 (-0.71%)
TELE 7.23 Decreased By ▼ -0.01 (-0.14%)
TOMCL 35.95 Decreased By ▼ -0.05 (-0.14%)
TPLP 7.85 Increased By ▲ 0.45 (6.08%)
TREET 14.20 Decreased By ▼ -0.04 (-0.28%)
TRG 50.45 Decreased By ▼ -0.40 (-0.79%)
UNITY 26.75 Increased By ▲ 0.35 (1.33%)
WTL 1.21 No Change ▼ 0.00 (0%)
BR100 9,806 Increased By 37.8 (0.39%)
BR30 29,678 Increased By 278.1 (0.95%)
KSE100 92,304 Increased By 366.3 (0.4%)
KSE30 28,840 Increased By 96.6 (0.34%)
Business & Finance

World Bank Pakistan chief refutes reports indicating delay in loans' approval

  • Says lender decides on timing for sharing project proposals following due process
Published January 19, 2023

World Bank Country Director for Pakistan Najy Benhassine said on Thursday that “press reports that refer to a World Bank decision to delay approval of potential bank operations in Pakistan are unfounded.”

“The tentative board approval dates of all of our proposed operations, as well as their amounts, are indicative and the World Bank decides on the timing for sharing project proposals for board consideration following due process and based on the proposed projects’ readiness.”

On Wednesday, news circulated that the multilateral lender had delayed the approval of two loans for Pakistan worth $1.1 billion until the next fiscal year, pending some steps on the country’s energy debt and tariffs.

The approval of the loans has been pending since June. Pakistan’s next fiscal year starts in July.

A major issue is the circular debt management plan in the energy sector and tariff revision.

Pakistan is still reeling from devastating floods that have led to losses of more than $30 billion. Foreign exchange reserves held by the State Bank of Pakistan fell to $4.3 billion earlier this month, barely enough for three weeks of imports.

At an event on Wednesday, Governor State Bank of Pakistan (SBP) Jameel Ahmad expressed optimism that Pakistan’s foreign exchange reserves position will improve as the country is expected to witness inflows of funds in the coming days.

“We are expecting inflows from next week onwards, which would reduce pressure on our foreign exchange reserves,” the SBP governor said in his address at the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) in Karachi.

Ahmad expressed his commitment to addressing the issues of industrialists and said the FX reserves of the country have depleted to a low level. “However, we will see a surge in reserves as projects in the pipeline will soon start to materialise, which will improve our capacity to facilitate businesses,” he said.

At another event on Wednesday, Ahmad said that the UAE has rolled over $2 billion loan and assured the businessmen of facilitating their imports on a suppliers’ credit.

During a meeting with the office-bearers and members of the Karachi Chamber of Commerce and Industry (KCCI), he said that the UAE rolled over $2 billion.

A large number of importers present in the meeting demanded of the central bank for the immediate release of nearly 5,700 containers of import goods, which are stuck at seaports and sought the EFI permission for imports.

Comments

Comments are closed.

Waseem Jan 19, 2023 08:15pm
Long battle to fight. Petitions, appeals, reviews, single bench, double bench, larger bench, high courts, Islamabad high court, supreme court.....
thumb_up Recommended (0)